The job market has been on a rollercoaster since 2020. From mass layoffs at the beginning of the pandemic to the great resignation; demands for higher salaries, remote work, and a better work-life balance had workers saying goodbye to their employers if demands were not being met. This left many employers struggling to hire.
Hiring has softened from its recent peak and companies are committed to hiring in 2024. Fewer people quitting each month and lower unemployment rates are positive signs the job market is starting to stabilize. As employers establish their 2024 recruiting strategies, it’s important to recognize that retention should be a major part of that strategy.
Company Culture
Company culture is more important than ever. Employees leave companies for greener pastures for a variety of reasons but in the recent tumultuous job market, unfilled positions, ever-changing business demands, and being short-staffed took a toll on company culture and team morale.
According to Glassdoor, 77% of adults consider a company’s culture before applying for a job.
2024 is the time for leadership to reshape the company culture lost and find ways to attract and retain top talent. Culture doesn’t happen by accident but should be designed at the top, nurtured by leadership, and embraced and driven by all. Sharing the vision for the company culture and encouraging others to uphold it will lead to a more positive work environment.
Training and Upskilling Leads to Better Retention
The work landscape is quickly changing through rapid advancements in technology. People are motivated to learn and investing in your team offering training and career development can motivate employees and turn them into leaders of tomorrow.
According to LinkedIn, 94% of employees would consider quitting due to a lack of training but the majority would remain loyal to the company if offered training and development opportunities.
It’s human nature to want to be part of a dynamic team and those companies making investments in their teams will reap workers feeling more connected and who take more pride and ownership in their work.
Creating Employee Engagement
Employee engagement can drive performance, increase retention, and build a positive culture in any organization. Engaged workers want to stay with an organization and give them a sense of connection to the company.
According to Gallup only 23% of employees are actively engaged at work.
Ways to create engagement:
- Communication and Collaboration-Providing feedback is just as important as asking for feedback.
- Work-Life Balance–Find ways to offer more flexibility and help reduce workers’ stress.
- Provide clarity– Set goals and communicate expectations.
- Encouragement – Help employees thrive and set them up for success.
- Recognition Programs– Acknowledge and celebrate Wins!
- Improve Efficiencies– Advances in technology along with updating processes can save time and energy with everyday tasks
Conclusion
As we begin 2024, business leaders need to ask themselves if they want to be the recruiting grounds for other companies or a destination in which workers want to be part. It’s time to work on reasons to keep your team engaged and for more job seekers to say yes to your job offers.